* Industry diversification based on Moody's industry classification. Measured as the fair value of investments for each category against the total fair value of all investments. Totals may not sum due to rounding.
A balanced portfolio built on the cornerstones of diversification and selectivity
Anchored in senior secured loans, NCDL has built a scaled and diversified portfolio by industry, investment type and portfolio company. Selectivity, diversification and rigorous underwriting are key to our investment philosophy, enabling strong credit performance since inception.
$1.9B
Investment portfolio at fair value1
90%
First-lien term loans2
244
Portfolio companies
0.4%
Average position size
$77M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Lead Left Arranger
Senior Secured Credit Facility
2024
Agent Tier
Senior Secured Credit Facility
2019
Lead Left Arranger
Senior Secured Credit Facility
2023
Co-Lead Arranger
Senior Secured Credit Facility
2022
Represents the top ten positions in NCDL based on Fair Value as of March 31, 2026
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Lavie Group, Inc. | 4,569,541.78 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Lapmaster Co-Investment, LLC (Precision Surfacing Solutions) | 6,254,135.65 | Capital Equipment | Equity Investment | |
| L.A. Specialty Produce Co., LLC | 79,665.75 | Beverage, Food & Tobacco | First Lien Debt | S + 4.50% |
| Lavie Group, Inc. | 451,189.53 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Lavie Group, Inc. | 2,706,182.90 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 655,020.42 | Services: Consumer | Equity Investment | |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 16,104.60 | Services: Consumer | Equity Investment | |
| L.A. Specialty Produce Co., LLC | -83.56 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| KRIV Co-Invest Holdings, L.P. (Riveron) | 1,103,872.00 | Services: Business | Equity Investment | |
| Knight AcquireCo, LLC | -7,500.00 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 2,437,079.42 | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 5.00% |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 6,578,947.44 | Consumer Goods: Non-durable | First Lien Debt | S + 5.00% |
| Knight AcquireCo, LLC | 3,718,181.25 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| KRIV Acquisition, Inc. (Riveron) | -27,349.64 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| KRIV Acquisition, Inc. (Riveron) | 12,001,820.70 | Services: Business | First Lien Debt | S + 4.75% |
| KRIV Acquisition, Inc. (Riveron) | 175,108.71 | Services: Business | Revolving Loan | S + 4.75% |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 11,270,329.58 | Wholesale | First Lien Debt | S + 5.50% |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 1,916,754.59 | Wholesale | First Lien Debt (Delayed Draw) | S + 5.50% |
| HemaSource, Inc. | 3,644,849.65 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.25% |
| Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) | 85,863.84 | Utilities: Electric | Equity Investment | |
| Heartland Veterinary Partners LLC | 2,200,118.24 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
| High Bar Brands Operating, LLC | 2,003,635.83 | Automotive | Subordinated Debt | 13.00% |
| HLSG Intermediate, LLC | 22,628.51 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| HMA Equity, LP (Health Management Associates) | 599,455.93 | Healthcare & Pharmaceuticals | Equity Investment | |
| HLSG Intermediate, LLC | 74,709.82 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Heartland Veterinary Partners LLC | 11,000,591.23 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| Heartland Veterinary Partners LLC | 3,993,543.72 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 5,388,358.99 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 6.00% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 6,212,952.28 | Capital Equipment | First Lien Debt | S + 6.00% |
| Healthspan Buyer, LLC (Thorne HealthTech) | 10,345,315.57 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
1. The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S"), which reset monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at June 30, 2026. As of June 30, 2026, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 3.65%, 3.73%, 3.85%, and 3.99% respectively. Certain investments are subject to a SOFR floor or may utilize an alternative reference rate such as U.S. Prime Rate (“P”). For fixed rate loans, a spread above a reference rate is not applicable.